Health Savings Accounts

Open your HAS at your local bank.  It’s easy.  Where you have your HAS is your choice not your employer’s!  You fund it and control it.

Paired with your High Deductible Plan, it’s a better way to save for qualified medical expenses, now and for the future.

MSL Health Savings Account funds roll over from year to year and moves with you if you change jobs, your job status, or your medical coverage.

More to benefit you:

  • Local access to fund or withdraw your money
  • Potential tax savings
  • Easy account opening

What is an HSA?

It’s a tax-advantaged account for members and dependents covered by a High Deductible Health Insurance Plan (HDHP).  You can use account funds to pay for current qualified medical expenses or save for future/unexpected medical needs.  Unlike a (less than) flexible savings account, the funds roll over from year to year and move with you if you change jobs, your job status or your medical coverage.

Are you eligible?

You are eligible for an HSA if you are enrolled in a high deductible health plan, not enrolled in Medicare, or not eligible to be claimed as a dependent on another person’s tax return.

Basics on how it works:

Pre-tax contributions can be made by you, your employer, or both.  This maybe a one-time deposit, or as a direct deposit from a payroll deduction, up to the annual contribution limit.  The easiest way is to first setup your MSL Health Savings Account.  Second, give your routing number and account number to your employer for a payroll deduction that is directly deposited into your MSL HSA.  The HSA will be a MSL checking account that can be used to pay for any qualified out-of-pocket medical expenses like co-pays and prescriptions or long-term-care services.  (Go to for a complete list of qualifying expenses.)  Your HSA contributions  and distributions/withdrawals are reported annually to the IRS.  But it is important that you keep all receipts and records of purchases.  You will receive a 1099-SA from MSL by January 31 and 5498-SA form by May 31 each year.

Contribution Rollover:
1) From year to year
2) If you change jobs or leave the workforce
3) If you change medical coverage

Consult your tax advisor

Tax Savings:
1) Contributions may be tax deductible
2) Tax-free earnings
3) Tax-free distributions for qualified medical expenses

Easy to Use:
1) Make deposits in branch, by mail, or direct deposit
2) View balances and transactions online and with Mobile banking.

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